Financial Data and Key Metrics Changes - Pinterest reported Q2 revenue of $998 million, representing a 17% year-over-year increase [29][30] - The company ended the quarter with 578 million monthly active users (MAUs), an 11% increase year-over-year [7][28] - Adjusted EBITDA for Q2 was $251 million, resulting in an adjusted EBITDA margin of 25%, an increase of approximately 310 basis points year-over-year [33][34] Business Line Data and Key Metrics Changes - Revenue from the U.S. and Canada was $745 million, growing 11% year-over-year, driven by strength in retail and financial services [30] - In Europe, revenue reached $191 million, growing 34% year-over-year, with retail being a significant contributor [31] - Revenue from the Rest of World was $63 million, growing 65% year-over-year, indicating strong performance in international markets [31] Market Data and Key Metrics Changes - Ad impressions grew by 55% in Q2, marking the twelfth consecutive quarter of growth since 2022 [31] - Ad pricing declined by 25% year-over-year, primarily due to a shift towards lower-priced international markets [32] - The U.S. and Canada region had 102 million MAUs, growing 5%, while Europe had 146 million MAUs, growing 7% [29] Company Strategy and Development Direction - The company is focusing on leveraging AI to enhance user engagement and ad performance, positioning itself as a leader in visual search [5][14] - Pinterest aims to deepen engagement and increase ad load with relevant ads, driving performance for advertisers through lower funnel product innovations [27][28] - The partnership with Instacart aims to enhance shopping experiences by allowing users to purchase ingredients directly from recipes on Pinterest [21][80] Management's Comments on Operating Environment and Future Outlook - Management noted a constructive environment for digital ads in Q2, with continued strength in retail and financial services [47][50] - The company anticipates Q3 revenue to be in the range of $1.033 billion to $1.053 billion, representing 15% to 17% growth year-over-year [34] - Management expressed confidence in the resilience of the business and the durability of revenue growth drivers [50][85] Other Important Information - Pinterest's taste graph has grown over 75% over the last two years, enhancing its ability to make relevant recommendations [12] - The company has invested heavily in AI tools to improve user representation and inclusivity on the platform [25] - Pinterest's ethos of positivity and belonging continues to differentiate it from competitors, attracting creators and advertisers [24][25] Q&A Session Summary Question: How has overall usage trends changed with Gen Z being 50% of users? - Management noted that user growth is strong across all demographics, with Gen Z accounting for over 50% of MAUs, and emphasized the platform's appeal as a search destination for this demographic [39][40] Question: How is the current demand state for digital ads characterized? - Management indicated a more constructive environment than previously expected, with continued strength in retail and financial services, despite some tariff-related impacts [47][50] Question: Can you discuss the adoption of Performance Plus? - Management reported notable early adoption from mid-market advertisers, with lower funnel revenue through Performance Plus campaigns more than doubling since last year [52][54] Question: What investments are being made to succeed in the new AI-driven search funnel? - Management highlighted that Pinterest has become an AI-enabled shopping assistant, focusing on enhancing user experience through AI and unique curation signals [59][60]

Company Performance - Pinterest's second-quarter sales grew by 17% year-over-year, with net income reaching $38.76 million, up from $8.9 million in the same period last year [1] - The company recorded $251 million in adjusted EBITDA for the second quarter, exceeding StreetAccount's estimates of $233 million [3] - Earnings per share were reported at $0.33, slightly below the expected $0.35 [6] User Metrics - Pinterest reported 578 million global monthly active users in the second quarter, surpassing the projected 574.5 million [2] - The user base has seen significant growth, with Gen Z now accounting for over half of Pinterest's users [3] Future Outlook - For the third quarter, Pinterest expects sales to be between $1.033 billion and $1.053 billion, exceeding analyst estimates of $1.025 billion [2]

Q2 2025 Earnings Report © 2025 Pinterest. All rights reserved. Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) ...

Financial Performance - Revenue for the three months ended June 30, 2025, was $998.2 million, representing a 17% increase compared to the same period in 2024[83]. - Adjusted EBITDA for the three months ended June 30, 2025, was $250.8 million, up from $188.3 million in the same period of 2024[104]. - Net income for the three months ended June 30, 2025, was $38.8 million, compared to a net income of $8.9 million in the same period of 2024[104]. - Revenue for the three months ended June 30, 2025, increased by 17% to $998.2 million compared to $853.7 million for the same period in 2024, while revenue for the six months increased by 16% to $1.85 billion from $1.59 billion[117]. - Net income for the three months ended June 30, 2025, was $38.8 million, a 399% increase from $8.9 million in the same period of 2024[127]. - Adjusted EBITDA for the three months ended June 30, 2025, was $250.8 million, up 33% from $188.3 million in the same period of 2024[127]. User Metrics - Monthly active users (MAUs) reached 578 million, an 11% increase from June 30, 2024[83]. - Average Monthly Active Users (MAUs) increased by 11%, contributing to a 6% increase in Average Revenue Per User (ARPU) for the three months ended June 30, 2025[117]. Cash Flow and Liquidity - Free cash flow for the six months ended June 30, 2025, was $553.1 million, compared to $445.7 million for the same period in 2024[106]. - Net cash provided by operating activities for the six months ended June 30, 2025, was $571.4 million, an increase of $108.8 million from $462.6 million in 2024[138]. - Cash used in investing activities decreased by $140.2 million for the six months ended June 30, 2025, primarily due to increased maturities of marketable securities[140]. - The company believes existing cash and available credit will be sufficient to meet working capital needs for at least the next 12 months[135]. Expenses - Cost of revenue for the three months ended June 30, 2025, increased by 10% to $203.0 million, representing 20% of revenue, compared to 22% in the same period of 2024[119]. - Research and development expenses rose by 15% to $359.6 million for the three months ended June 30, 2025, accounting for 36% of revenue, driven by a 17% increase in personnel expenses[120]. - Sales and marketing expenses increased by 18% to $313.1 million for the three months ended June 30, 2025, maintaining 31% of revenue, primarily due to higher personnel and marketing expenses[121]. - General and administrative expenses increased by 13% to $126.8 million for the three months ended June 30, 2025, representing 13% of revenue, largely due to non-cash charitable contributions[122]. - Share-based compensation expense was $227.2 million, an increase of $30.8 million compared to the same period in 2024[83]. Cash and Securities - Cash, cash equivalents, and marketable securities totaled $2,659.4 million as of June 30, 2025[83]. - As of June 30, 2025, the company had $2,659.4 million in cash, cash equivalents, and marketable securities[129]. - The total borrowing capacity under the 2022 revolving credit facility is $500.0 million as of June 30, 2025, with no letters of credit issued[134]. Stock and Financing Activities - During the six months ended June 30, 2025, the company repurchased 6,557,179 shares of Class A common stock for $227.6 million at an average price of $34.71 per share[137]. - Net cash used in financing activities increased by $185.5 million for the six months ended June 30, 2025, mainly due to higher stock repurchases[141]. Other Considerations - Interest income decreased by 19% to $28.0 million for the three months ended June 30, 2025, while other income increased significantly by 270% to $11.0 million[123]. - The company is evaluating the impact of the One Big Beautiful Bill Act, which allows for immediate expensing of domestic U.S. research and development expenses[125]. - There is a reasonable possibility that the valuation allowance against Ireland deferred tax assets may be released within the next twelve months, potentially resulting in an income tax benefit[126].

Financial Performance - Q2 2025 revenue reached $998 million, representing a 17% year-over-year increase[3] - GAAP net income for Q2 2025 was $39 million, a 336% increase compared to $8.9 million in Q2 2024[3] - Adjusted EBITDA for Q2 2025 was $251 million, reflecting a 33% increase from $188 million in Q2 2024[4] - Free cash flow for Q2 2025 was $197 million, up 94% from $101.6 million in Q2 2024[3] - Revenue for Q2 2025 reached $998,227,000, a 16.9% increase from $853,680,000 in Q2 2024[22] - Net income for Q2 2025 was $38,755,000, compared to $8,887,000 in Q2 2024, marking a significant improvement[22] - Non-GAAP net income rose to $228,270 thousand in Q2 2025 compared to $172,238 thousand in Q2 2024, reflecting a 32.6% increase[29] - Adjusted EBITDA for Q2 2025 reached $250,776 thousand, up from $188,293 thousand in Q2 2024, indicating a 33.1% growth[27] - Free cash flow improved to $196,683 thousand in Q2 2025, compared to $101,642 thousand in Q2 2024, representing a 93.5% increase[29] - Total costs and expenses increased to $1,002,557 thousand in Q2 2025 from $875,121 thousand in Q2 2024, a rise of 14.5%[27] User Engagement - Global monthly active users (MAUs) grew to 578 million, an 11% increase year-over-year[4] - Average revenue per user (ARPU) globally increased by 6% to $1.74[5] - Average Monthly Active Users (MAUs) are defined as authenticated users interacting with Pinterest at least once in a 30-day period, with ongoing efforts to improve measurement accuracy[17] - Pinterest continues to focus on enhancing user engagement and monetization through metrics like ARPU, which reflects revenue generation per user[17] Revenue Breakdown - Revenue from the U.S. and Canada was $745 million, an 11% increase year-over-year[5] - Revenue from Europe increased by 34% to $191 million, while revenue from the Rest of the World surged by 65% to $63 million[5] Future Outlook - For Q3 2025, the company expects revenue between $1,033 million and $1,053 million, indicating a growth of 15% to 17% year-over-year[7] Investment and Expenses - Research and development expenses for Q2 2025 were $359,624,000, up from $312,837,000 in Q2 2024, reflecting increased investment in innovation[22] - Total current assets increased to $3,518,414,000 as of June 30, 2025, up from $3,484,707,000 at the end of 2024[20] - Total liabilities remained stable at $591,034,000 as of June 30, 2025, compared to $591,506,000 at the end of 2024[20] - The company reported a loss from operations of $4,330,000 in Q2 2025, an improvement from a loss of $21,441,000 in Q2 2024[22] Stockholder Equity - The company’s total stockholders' equity increased to $4,811,953,000 as of June 30, 2025, from $4,751,154,000 at the end of 2024[20] Share-Based Compensation - Total share-based compensation increased to $227,234 thousand in Q2 2025 from $196,433 thousand in Q2 2024, representing a 15.7% increase[27] - The company began excluding payroll tax expense related to share-based compensation from Adjusted EBITDA and non-GAAP net income to better reflect ongoing business operations[29] Share Count - The company reported a basic weighted-average share count of 676,852 thousand for Q2 2025, down from 683,171 thousand in Q2 2024[29] - The diluted weighted-average shares used for computing non-GAAP net income per share decreased to 689,837 thousand in Q2 2025 from 708,258 thousand in Q2 2024[29] - Non-GAAP net income per share increased to $0.33 in Q2 2025, compared to $0.24 in Q2 2024, a growth of 37.5%[29]

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Core Insights - Pinterest, Inc. (PINS) is set to report Q2 2025 earnings on August 7, 2025, with revenue estimates at $974.61 million and earnings per share (EPS) at $0.34 [1][5] - The earnings estimate for fiscal 2025 has increased by 1.67% over the past 60 days, while the estimate for fiscal 2026 has improved by 1.41% [1] - The company has a four-quarter average earnings surprise of 0.53%, but experienced a negative surprise of 8.00% in the last reported quarter [2][3] Earnings Performance - The reported EPS for the last four quarters were 0.23, 0.56, 0.40, and 0.29, with estimates of 0.25, 0.63, 0.34, and 0.28 respectively [3] - The average surprise for the last four quarters was -0.01, indicating mixed performance [3] Factors Influencing Results - Pinterest has introduced AI-powered tools, including auto collages and enhanced visual search features, aimed at increasing user engagement and advertising appeal [5][8] - The company has also launched trend tools to assist advertisers in targeting their market effectively, which is expected to gain traction among retailers [7][15] - A partnership with the WNBA's New York Liberty aims to attract a growing audience and enhance community outreach [9] Market Performance - Over the past year, Pinterest's stock has increased by 34.6%, while the industry has grown by 58.3% [10] - Compared to peers, Pinterest has outperformed Snap Inc. (6.5% increase) but lagged behind Meta Platforms, Inc. (61.7% increase) [10] Valuation Metrics - Pinterest is currently trading at a price/sales ratio of 5.86, which is higher than the industry average of 5.79 and above its historical mean of 5.2 [12] Growth Strategy - The company's growth strategy focuses on enhancing actionable content through AI, with projections indicating global monthly active users (MAUs) could reach 608.6 million in 2025, reflecting a 10.1% year-over-year growth [14] - The third quarter is expected to see MAUs reach 571.8 million, suggesting a 9.5% year-over-year growth [14] Competitive Landscape - Pinterest faces intense competition from major players like Meta, Google, Snap, and X, all of which are investing in AI and interactive features to enhance user engagement [16] - The company's reliance on advertising as its primary revenue source poses risks, particularly in the face of potential shifts in the advertising industry [17]

Core Insights - Analysts project Pinterest (PINS) will report quarterly earnings of $0.34 per share, a 17.2% increase year over year, with revenues expected to reach $974.61 million, reflecting a 14.2% increase from the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate for the quarter has been revised upward by 3.5% over the past 30 days, indicating a collective reassessment by covering analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are strongly linked to short-term stock price performance [3]. Revenue Estimates - Analysts estimate 'Geographic Revenue - Europe' at $170.75 million, a year-over-year increase of 19.4% [5]. - 'Geographic Revenue - Rest of World' is projected to reach $52.42 million, indicating a 38% year-over-year change [5]. - 'Geographic Revenue - U.S. and Canada' is expected to be $752.28 million, reflecting an 11.8% increase from the prior-year quarter [5]. User Metrics - The consensus estimate for 'Monthly Active Users - Global' is 573 million, up from 522 million a year ago [6]. - 'Monthly Active Users - International' is projected at 327 million, compared to 288 million in the same quarter last year [6]. - 'Monthly Active Users - U.S. and Canada' is expected to reach 102 million, up from 98 million in the same quarter last year [7]. - 'Monthly Active Users - Europe' is estimated to be 146 million, compared to 136 million in the same quarter last year [7]. Average Revenue Per User (ARPU) - Analysts project 'ARPU - U.S. and Canada' to be $7.37, compared to $6.85 in the same quarter last year [8]. Stock Performance - Pinterest shares have returned +5.8% over the past month, outperforming the Zacks S&P 500 composite's +0.6% change [8].

Core Viewpoint - Growth stocks are currently expensive, but several smaller companies still present great value for new investors, particularly in the context of the S&P 500's strong performance driven by growth stocks [1][2]. Group 1: Marvell Technology - Marvell Technology specializes in chips for data centers, collaborating with major companies like Amazon and Microsoft [4][5]. - The company designs networking chips and custom AI accelerators, with significant growth potential in AI chip markets [6][7]. - Marvell is pursuing up to $75 billion in potential revenue from over 10 customers for its custom AI accelerators, with shares trading at a forward P/E of less than 27, making it an attractive investment opportunity [7]. Group 2: DraftKings - DraftKings is a leading online sportsbook in the U.S., leveraging its brand strength since the legalization of sports betting in 2018 [8][9]. - The company utilizes extensive customer data to enhance its betting systems and has made strategic acquisitions to improve its product offerings [10]. - Despite challenges from emerging prediction markets and new tax laws affecting bettors, DraftKings shares are considered attractive, trading at an enterprise value to forward EBITDA of around 27, with expected earnings growth from $181 million to $850 million [11][13]. Group 3: Pinterest - Pinterest operates as a discovery engine in social media, primarily attracting a female user base, which is valuable for advertisers [14]. - The platform has seen a 10% year-over-year increase in monthly active users and a 5% rise in average revenue per user, indicating strong growth [16]. - With a share price around $38 and a forward P/E of just 21, Pinterest is viewed as a great value for growth investors, benefiting from strong margin expansion and consistent revenue growth [18].

Group 1: Earnings Reports Overview - Palantir has secured a $10 billion Army contract and is expected to report strong quarterly results, with predictions of a "total blowout" due to strong business performance [2] - Berkshire Hathaway's upcoming earnings report is anticipated to be different under Greg Abel's leadership, with expectations of a potential stock price increase if results are favorable [1] - DuPont's breakup is on track, with expectations that the individual parts will be valued higher than the whole [3] Group 2: Sector Insights - Caterpillar is expected to post strong results, benefiting from domestic infrastructure and reshoring trends [3] - Eli Lilly's performance will be closely watched, especially in light of competitor Novo Nordisk's disappointing quarter, raising questions about market share dynamics in the GLP-1 drug sector [5] - Disney's shares have been climbing, with positive remarks on its streaming, theme park, and cruise line segments [4] Group 3: Other Companies to Watch - McDonald's is viewed as a buy due to recent improvements and new offerings [4] - Warner Bros Discovery is undergoing reorganization and debt reduction, with anticipation around its earnings report [6] - Pinterest is expected to deliver solid results, being recognized as a family-friendly advertising platform [6]